So, the title is pretty self-explanatory, but I need something to set my mind at ease.

So my girlfriend and I are applying for a mortgage here soon. We already have the pre-approval from our bank and we signed a purchase agreement earlier today. I'm just worried that this thing will fall through with the bank and the underwriter. Our loan officer approved us for a 5/5 ARM that only requires a 3% down payment. Our offer to the seller included a $3,600 seller credit to cover closing costs and maybe a little extra on the down payment.

This is the real problem. Our letter of pre-approval states that we can pay no more than $850 a month on the mortgage payment. With the ARM, our payments would be about $860 a month. Our average net income is about $2400 a month, give or take depending on how much overtime I have a week.

Just some info on us and the house:

I work one job with at least 40 hours a week, typically closer to 50. My girlfriend has the same thing (40 hours a week, maybe a little more). We both make $10/hour, and we have very little debt. I have a credit card with about $300 on it as well as a student loan with about $5000. She has a single, bank issued credit card with no balance on it. Our credit history isn't very long, but we have perfect payment history on everything for 2 years. We have about $4500 saved up for the down payment, and the total money we would need to bring to the table is about $7000, without factoring in the seller credit.

The house is a small 2-story house with a one stall attached garage. The last appraisal that was done on it valued the land and the house at about $85,000, and the seller has verified that they spend $20,000 on improvements on the house since they purchased until the end of 2014. There is a new roof being put on the house right now.

I just feel like everything will fall through with the underwriter when we go to apply for the mortgage. If someone would just set my mind at ease, I will be eternally grateful.

When you apply for a mortgage, lenders will check that you can afford the mortgage and your ability to make your payments if interest rates were to rise. Also there will be other costs of buying a new home like valuation fees, Stamp Duty, Solicitorís fee, Survey cost, Removal costs, Initial furnishing costs and Buildings insurance. Plus there may be different mortgage deals to pick from, so choosing the right one can be tricky.

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